From the Star Ledger:
Economists: New Jersey’s recovery will be slow
The regional economy will go through tough times for several more years before it emerges from the post-recession slump, two economists said Tuesday.
The state and nation are unlikely to suffer a so-called double dip, but there are “massive challenges ahead” said Alexander Heil, chief economist of the Port Authority of New York and New Jersey.
“There are little bits of information that are positive; lots that are still negative,” he said.
Nancy Mantell, director of the Rutgers Economic Advisory Service, said a forecast she undertook in July indicates that the state will not to return to its pre-recession employment peak until 2016.
Employment will increase at a lackluster 25,000 jobs a year until 2020, she said. That’s well below the about 70,000 jobs added annually after the 1990-1991 recession.
…
Heil said one problem standing in the way of the recovery is the high consumer savings rate, with the average person now saving 6 percent of disposable income.“As long as savings remain high, there may not necessarily be consumption-driven growth that will bring us out of the recession,” he said.
…
But the state will likely have to shed many local government jobs to return to health, she said, noting that public sector employment continued to grow throughout the last 10 years.“The private sector is going to have to grow significantly to make up for that loss of employment,” she said.
From National Mortgage Professional:
New legislation introduced to quicken short sale time frame
Legislation has been introduced that would require lenders and servicers to hasten the time it takes to approve or disapprove a short title or short sale. HR 6133, the Prompt Decision for Qualification of Short Sale Act of 2010, co-sponsored by U.S. Reps. Robert Andrews (D-NJ) and Tom Rooney (R-FL) is designed to assist homeowners who are underwater on their mortgages and have a buyer reader to purchase the house at a price which will net less than the current payoff of that mortgage. HR 6133 would also require lenders to respond to consumer short sale requests within 45 days.
“The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” said Vicki Cox Golder, president of the National Association of Realtors (NAR) and owner of a real estate company in Tucson, Ariz. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times.”
The bill has been referred to the House Financial Services Committee for consideration.
From the Washington Post:
Foreclosure errors could snag other lenders
Some of the nation’s largest mortgage companies used a single document processor who said he signed off on foreclosures without having read the paperwork – an admission that may open the door for homeowners across the country to challenge foreclosure proceedings.
The legal predicament compelled Ally Financial, the nation’s fourth-largest home lender, to halt evictions of homeowners in 23 states this week. Now Ally officials say hundreds of other companies, including mortgage giants Fannie Mae and Freddie Mac, may also be affected because they use Ally to service their loans.
…
How the nation’s foreclosure system became reliant on the tedious work of a few corporate bureaucrats is still a matter that mortgage lenders are trying to answer. While the lenders may have had legitimate cause to foreclose, the mishandling of the paperwork has given homeowners ammunition in their fight against foreclosure and has drawn the attention of state law enforcement officials.
From CNBC:
Builders Betting on Renters
Housing starts are a bright spot in the economy today, right? An unexpected 10.5 percent leap in the number of new homes started in August has everyone buzzing. The street was looking for around flat. So how can this be after the National Association of Home Builders sentiment survey yesterday came in below expectations, with builders saying their “hands are tied” by an impossible job market and rising foreclosures?
Simple.
Look at the numbers, please.
The 10.5 percent jump was driven by a 32 percent jump in multi-family.
Single family was up just 4 percent and that was due to seasonal adjustments.
Single family starts were actually lower month to month and year over year in August, unseasonally adjusted. They were in fact the lowest August on record going back 50 years, according to housing analyst Mark Hanson.
…
There is new construction going on; it’s just in multi-family. Great for that sector, but what it says about overall housing is not so great. “Home ownership is no longer so desirable – or even possible – for as many households as before,” writes Chris Christopher, Senior Principal Economist over at IHS Global Insight. “Recent evidence suggests that the mix of residential housing demand is shifting from single-family towards more multi-family structures; from owner-occupied toward rentals.”
American Dream gone sour. Smell the oblivion.
HFT hits commodities trading. That should work really well.
“If you think algos gone wild in stocks is bad, just wait until you see what happens when the same feedback-loop generating robots start frontrunning and churning all cotton, sugar, and other commodity contracts. According to this trader, this has already happened. Next up: plunging liquidity, and surging volatility, just in time for commodity prices to find that extra computerized “oomph” as they explode in expectation of Bernanke’s reflation experiment gone wild to blow all fair value concepts to smithereens.”
http://www.zerohedge.com/article/angry-sugar-trader-shares-his-frustration-incursion-hft-algos-ice
Backward vs. Forward Looking Analysis: Economic Icebergs Ahead
Iceberg 2 / Major Turning Point 2. The collapse of real estate prices starting in 2006 put in danger the solvency of the American banking system in 2008. The national government intervened massively to avoid the collapse of the banking system in 2008. In 2010, we realize there are substantial doubts as to the financial reliability of the nation, particularly with respect to the increase in debts in the coming years for new expenditures such as stimulus plus committed expenditures such as medical care and retirement payments.
When the cost of funding goes up in the US, Japan, the UK and the European Union, we will quickly be at an iceberg without solutions. At 3.5% interest, Japan will spend 100% of their income from taxation for paying the interest on the debt and with nothing the cover to costs of running the country. When the costs of funding the US debt go to 8 or 12% from an average of 2 to 3% now, we have similar situation in the US.
In summary, there is a second iceberg of increasing the cost to pay the national debts of the leading countries (excluding such countries as China). These increased costs will make difficult for the countries to pay normally their existing debts much less spend heavily for new stimulus or other development programs. The major countries will simply not be able to buy their way out of the problem, forcing us to suffer through consequences of another worldwide depression.
I have a question for the realtors out there. I have friends who have been looking at houses and recently looked at MLS# 2800811 , 9 Oldchester Road in Essex Fells. What’s odd is that this house is in both Essex Fells and Caldwell yet it doesn’t mention that on the listing. It also only lists the Essex Fells portion of the taxes. The property dimensions are 47 x 223 which definitely does not match up when you look at the property.
Here is the tax record for the part in Essex Fells: http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0706&block=6.03&lot=9&qual=
and here is the tax record for the part in Caldwell (it says 9 Oldchester but I think it’s actually 7 Oldchester): http://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?&district=0703&block=61.01&lot=3&qual=
This seems to me to be illegal to misrepresent this property. What are your thoughts? Could the listing realtor not know that it’s in two towns and the owner be trying to pull a fast one? The taxes are also being misrepresented since the Caldwell portion is not listed. Also, the description says “beautiful colonial home” while it’s been empty and boarded up for years (I don’t think the current owner ever moved in). From what I understand, it’s filled with black mold and the realtor, who took my friend to see it, wouldn’t allow her to go upstairs because it didn’t look safe.
The portion of the home that lies in the other town- and that other tax bill- should be noted in the listing. That’s a pretty serious omission, although I doubt it rises to the level of illegal. Due diligence after offer/acceptance and a title search would quickly reveal the issue.
Bad on the agent for apparently being lazy and sloppy.
surprised more Bloods weren’t arrested
http://www.trentonian.com/articles/2010/09/22/news/doc4c99837384cea874650777.txt
fictional gang matchup: Bloods vs. MS13, who you got?
At 3.5% interest, Japan will spend 100% of their income from taxation for paying the interest on the debt and with nothing the cover to costs of running the country
Japan’s debt is domestic.Just like the Fed buying Treasury using Fiat currency from thin air,and holding that bond.If the Fed returns that bond to the treasury with interest,who gains? Same as in Japan.In fact Japan is holding $821 billion in US treasuries.
Nice to see Larry Summers going to a job where he can teach others to destroy the world. Maybe he can hire Frank as his teaching assistant.
I can see the course now:
3.047/3 hours- Quantitative Mathematical Concepts, Mexico and the Aztec Calendar (Summers): Explores concepts of writing and executing “doomsday”-type automated trading programs, the relationship of those programs to the eschaton as implied by the Aztec calendar and traditional Mexican coffee and chocolate drinks. Particular emphasis will be paid to the study and preparation of designed-to-fail algorithms and their benefit to the modern financial community. Class to be taught exclusively in Spanish; students required to be Mexican, Mexican-American or have prior approval from the Spanish Department. Students also expected to have familiarity with the financial calculator, slide rule and expresso machine/steamer. Knowledge of panini and other specialty sandwiches essential; alternatively, the ability to count mall customers will be considered by the instructor on an individual basis. Upon successful completion of the course, students will earn the designation of Mexican Quant.
No women allowed. Professor’s assistant: Frank. Guest lecturer: Robert Rubin.
yikes (9)-
I’d just like a lawn chair, an unimpaired view and a fruity drink.
Fed Keeps Rates Low: Is Bernanke Making a ‘Dangerous Gamble’?
Last month, economist Thomas Hoenig delivered a speech at a public meeting in Lincoln, Nebraska, called Hard Choices. The normally mild-mannered Hoenig said the Fed’s recent policy of holding interest rates near zero was a “dangerous gamble.” He said he feared the moves of the nation’s most important bank were worsening the US economy, and might even create another financial crisis. “Monetary policy is a useful tool, but it cannot solve every problem faced by the United States today,” Hoenig said. “In trying to use policy as a cure-all, we will repeat the cycle of severe recession and unemployment in a few short years by keeping rates too low for too long.”
“I wouldn’t be dissenting now,” says William Poole, who is a former President of the St. Louis Federal Reserve Bank. “But Hoenig’s dissent should be taken seriously. On monetary policy, Hoenig is a guy that you need to listen too.”
In 1973, he joined the Kansas City Fed as a bank supervisor. At the time, low-interest rates were fueling a speculative bubble in farm prices, commodities, oil and commercial real estate. Within a few years, those bubbles came crashing down, dealing a devastating blow to the US economy, but to the people of the Midwest in particular. In 1991, Hoenig says he doesn’t want to see that happen again.
What happens if everybody on the economics team continues to quit, and the last OG left with any experience is Tall Paul?
I think Volcker could beat Bojangles in a stare-down.
Poltroon [14],
Nevermind a stare-down, how about a beat-down:
http://www.realclearpolitics.com/video/2010/09/20/cnbc_town_hall_questioner_to_obama_im_exhausted_of_defending_you.html
Seems like Rajan is taking on Krugman !!!
Correcting Krugman
I admit that there is much less consensus on whether the Fed helped create the housing bubble and the banking crisis than on whether Fannie and Freddie were involved. Ben Bernanke, a monetary economist of the highest caliber, denies it, while John Taylor, an equally respected monetary economist insists on it. Some Fed studies accept responsibility while others deny it. Krugman, of course, has an interest in defending the Fed and criticizing alternative viewpoints. He himself advocated the policies the Fed followed, and in fact, was critical of the Fed raising rates even when it belatedly did so in 2004. Then, as he does now, Krugman emphasized the dangers from a Japanese-style deflation, as well as the slow progress in bringing back jobs. Then, as he does now, he advocated more stimulus. Then, as he does now, Krugman ignored the longer term adverse consequences of the policies he advocated.
Finally, if he denies a role for government housing policies, or for monetary policy, or even for warped banker incentives, then what does Krugman attribute the crisis to? His answer is over-saving foreigners. Put simply, trade-surplus countries like Germany and China had to reinvest their financial surpluses in the United States, pushing down long-term interest rates in the process, and igniting a housing bubble that eventually burst and led to the financial panic. But this is only a partial explanation, as I argue in my book. The United States did not have to run a large trade deficit and absorb the capital inflows – the claim that it had to sounds very much like that of the over-indulgent and over-indebted rake who blames his creditors for being willing to finance him. The United States’s policies encouraged over-consumption and over-borrowing, and unless we understand where these policies came from, we have no hope of addressing the causes of this crisis. Unfortunately, these are the policies that Krugman wants to push again. This is precisely why we have to understand the history of how we got here, and why Krugman wants nothing to do with that enterprise.
SG
Rajan is an idiot
I admit that there is much less consensus on whether the Fed helped create the housing bubble and the banking crisis than on whether Fannie and Freddie were involved.
The fact that he can make that statement is all you need to know. The bubble would not have been possible without the direct aid of the FED.
Day 53 of Obama administration suppressing the expatriate report in violation of law.
(go ahead, challenge that assertion)
Also, Bob Wantanopoulous has to be happy. Shiny seemingly defying gravity. Or bobbing to the surface after breaking free from the sinking ship’s drag.
Besides a major price reduction, the seller is offering to pay the last three quarters taxes amounting to $15,912.
So, the taxes on this townhouse is somewhere around $20,000 per year. And that doesn’t include the monthly maintenance and fleecing fees. Nice! Is this the price for being classified as prestigious and haughty? And a major price reduction to boot? Will the seller be dropped from the prestigious and haughty club after taking a beating when he brings a $250,000 check to the closing just to get out from under this anchor? It’s a townhouse so I’ll make an exception: I’ll give the owner $450,000 for his troubles.
http://www.realtor.com/realestateandhomes-detail/Park-Ridge_NJ_07656_1118254631
ed (19)-
Best use of that place would be to burn it down.
Here ya go, a two bedroom tenament for just under $600,000. Two bedroom…. This is what happens when you huff nitrous oxide! And the place is empty so you can have a quick closing! :o Wanna guess what the final price will be on this thing when it sells in 2015?
http://www.realtor.com/realestateandhomes-detail/19-Forshee-Cir-Unit-19_Montvale_NJ_07645_1122050328
Hyde: all due respect…. STFU…stop flexing your Internet muscles…..
Mr Hyde says:
September 22, 2010 at 9:06 am
SG
Rajan is an idiot
Poltroon [20],
It’s got brick walls so I think it’ll stop a .223 caliber Remington when the revolution begins. At least it’s got that advantage.
Hyde: re-read that sentence and understand the point he made….
China’s Currency and the Trade Deficit
Wednesday, 22 September 2010 01:59
David Leonhardt examines the prospective impact of a rise in China’s currency on the U.S. trade deficit with China. He concludes that the impact might be limited for two reasons.
First he argues that much production might be transferred to countries with even lower cost labor, like Vietnam. Second, he notes that much of the value-added of goods that we import from China actually comes from third countries. The items are simply assembled in China. The rise in the value of the yuan would only affect the cost of assembly, not the cost of the other inputs, which may account for most of the value.
While both of these points are valid, there are important qualifications to each. Many other developing countries also peg their currency, either formally or informally, to the dollar. If China were to substantially raise the value of its currency, they would likely follow suit, since they are trying consciously to maintain the same competitive position vis-a-vis China. This was the experience the last time China substantially raised the value of its currency in 2007.
The point about China assembling items that involve inputs from other countries ignores the flip side of this story: there are many goods imported from countries like Japan and Germany that have substantial inputs from China. If the value of the yuan rises relative to the dollar, then these imports would be more expensive in the United States, making people here more likely to buy domestically produced goods. This will help the U.S. trade balance even though it will not be picked up in the trade balance with China.
Finally, the discussion of the relationship of the yen and the dollar is inadequate since it ignores the huge difference in relative inflation rates in the two countries. Since 1990 prices in Japan have fallen by more than 10 percent. They have risen by more than 50 percent in the United States. This means that to keep the trade situation from changing, the yen should risen by more than 60 percent over this period.
Dean Baker
Sorry chifi
didnt mean to offend you you on your personal blog.
Looking at a barrel of a hot metal .45.It’s the only way to survive.
But what I really love is the snapshots of the inside of some of those dumps that are so dated, I have visions of Rob and Laura Petrie entertaining dinner guests. I can smell that tuna casserole now! In fact, when you walk in these places, it smells like that casserole never left… 45 years later.
Grim [1];
That rule would only encourage quick rubber stamp rejections. If we want a rule that moves more underwater property, hold the banks liable for failure to mitigate their damages if they fail to act on short sale offers. Also sharpen the other edge of the sword and put some teeth in deficiency judgement actions.
Hyde – In fact Rajan is claiming the FED was one of the main cause of bubble. It is Krugman who refutes that argument.
CHIFI, some new SB/MS Trup Info
Hybrid Debt Securities
Year to date total returns on $25 par preferred securities are near 15%, while returns on hybrid capital securities are
near 10%. New banking regulatory reform – expressed through the Frank-Dodd Act and the newly enacted Basel III
accord – provides further support to the lower half of the capital structure, in our view. We expect impacts to TRuPS
and other foreign hybrid issues no longer receiving Tier 1 credit will be minimal. Legislation does not begin to take
affect until 2013 (with phase-in periods) and most of these issues will be beyond their call dates. This will provide
clarity on the prospects of potential principal return, thereby managing investor expectations. Considering our
conviction on credit, as well as our long duration bias, we believe hybrid debt securities will continue to perform well.
Although an additional 15% may be a bit unlikely, investors should still be able to achieve above coupon returns for
the remainder of the year.
Nothing matters anymore. We’re all fuct.
USD taking it no Vas. EUR/USD 1.34!!!!! Mrs. Watanabe getting ready to take a pink bath.
Bell lap in the race to the bottom!
Bugger the currency, then it’s party time for all!!!
JJ: Thx….I was eyeing only those trading under par and currently callable or within 24 months; I figure the best shot for principal return is in the window of 2012 when the phaseout is about to begin and there still may be an advantageous yield curve. Just note that even in the last 6 weeks there has been a major move in this market. Be careful, TrPf have no debtor rights, so if there is trouble you get a goose egg…..
31.JJ AKA John says:
September 22, 2010 at 10:02 am
CHIFI, some new SB/MS Trup Info
Hybrid Debt Securities
Legislation does not begin to take affect until 2013 (with phase-in periods) and most of these issues will be beyond their call dates. This will provide clarity on the prospects of potential principal return, thereby managing investor expectations.
JJ: I put together a seven figure NJ muni portfolio for a guy in Jan-Apr 2009. He thinks I am a friggin’ genius. There is now several hundred thousand more on the way as reward…..WTF am I going to do for an encore? :(
CC on CNBC
http://www.businessinsider.com/jim-chanos-vs-chris-christie-2010-9
Blockbuster declared bankruptcy this morning, reports CNBC
Think Californication in the episodie where David Duchney wants to buy a new porsche and saleslady takes him on test drive and he is unsure if he wants to buy today, she has him turn down a dead end alley and once again says what can I do to close the deal today, he looks at his crotch she goes to work and deal is closed.
Should have threw some VI and PR bonds in their too since early 2009 they are beating NJ
Come to think of it we could sell more houses with hot real estate agents willing to “work” to close a deal. Shot girls are hot and they sell why not realtors.
chicagofinance says:
September 22, 2010 at 11:00 am
JJ: I put together a seven figure NJ muni portfolio for a guy in Jan-Apr 2009. He thinks I am a friggin’ genius. There is now several hundred thousand more on the way as reward…..WTF am I going to do for an encore? :(
yo’me says:
September 22, 2010 at 11:32 am
Blockbuster declared bankruptcy this morning, reports CNBC
then should make a porn move about it, wonder what they would call it?
Blockbuster declared bankruptcy this morning, reports CNBC
They just said in days.O well.It will still stink anyway
Nom,
Shoot me an e-mail with all the relevant information: statutory/constitutional requirements to publish, name of office (and, if you know it) person who creates the report, dates of usualrelease, etc. I will touch base with an investigative reporter I know and see what happens.
West coast crap shack comp-killer.
http://online.wsj.com/article/SB10001424052748703743504575494200281318846.html?mod=WSJ_hpp_sections_realestate
Poltroon
“Forward sales of silver through the LBMA OTC London market are approximately 8.5 Billion ozs. This is almost all the entire global reserves of silver that are yet to be mined! But the silver miners who own the remaining reserves are unhedged, so who ever has sold 8.5 billion ozs of silver forward by inference does not own 8.5 billion ozs of silver. It is a naked short position of 11 years of global production.”
hyde (43)-
Maybe that seller figures he can rob Fort Knox if he gets pressed for delivery.
Maybe that seller is The Joker.
yo’me,
I saw the CC interview on CNBC yesterday morning. For a moment there I wanted to make CC my hero. Then I remembered that he granted Montclair (10.5% municipal tax increase) a cap waiver and made the future 2% cap weak in that it does not include pension and debt payments. Same as all of the others. Right Jamil?
Many home owners paying mortgage for long time or near to end their mortgage tenure got gripped in this recession period. Many of them lost their homes with facing foreclosure. But what was the options… had the option and many of them benefited from this. We can understand that economy is still on reviving path but expert counselling is also required.
(45)
As soon as I read CC was going to give handouts/corporate welfare to Xanadu and Atlantic City, it confirmed my suspicions that he is and will be like all the rest.
I love Red Box for $1.07.
If you download it illegally off the internet it is free.
I love red box. (channeling JJ)
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/21/AR2010092106706_pf.html
President Obama urgently looked for a way out of the war in Afghanistan last year, repeatedly pressing his top military advisers for an exit plan that they never gave him, according to secret meeting notes and documents cited in a new book by journalist Bob Woodward.
Frustrated with his military commanders for consistently offering only options that required significantly more troops, Obama finally crafted his own strategy, dictating a classified six-page “terms sheet” that sought to limit U.S. involvement, Woodward reports in “Obama’s Wars,” to be released on Monday.
According to Woodward’s meeting-by-meeting, memo-by-memo account of the 2009 Afghan strategy review, the president avoided talk of victory as he described his objectives.
Woodward’s book portrays Obama and the White House as barraged by warnings about the threat of terrorist attacks on U.S. soil and confronted with the difficulty in preventing them. During an interview with Woodward in July, the president said, “We can absorb a terrorist attack. We’ll do everything we can to prevent it, but even a 9/11, even the biggest attack ever . . . we absorbed it and we are stronger.”
#49 – Hard to beat TPB or demonoid pricing
Herb Allison Assistant Treasury Secretary running TARP since last June leaves the administration and now it seems Rahm Emanuel if leaving too.
http://www.bloomberg.com/news/2010-09-22/emanuel-likely-to-leave-white-house-before-november-for-chicago-mayor-race.html
Next thing you know Bo will run away too.
dd (51)-
Just like having friggin’ Bozo the Clown in the Oval Office.
That scumbag Emanuel will fit right back into the most corrupt city in the most corrupt state in the country. He couldn’t be dirtier if he wore a suit made of shit.
Bill Gross just had a slip of tongue. Does FedCo really let PimpCo front-run them?
“Recent speculation that PIMCO enjoys trading by piggybacking on what the Fed will do in the future has hopefully not escaped our readers. As we highlighted in Pimco Offloads $40 Billion In Treasurys, As Frontrunning Fed Creates Billions Of Profits; Gross Does Not Expect QE 2 On Sept. 21; Pimco’s “Fed Frontrunning” Tell Exposed, Mr. Gross has a knack of buying up on margin either MBS (ahead of QE1) or USTs (ahead of QE Lite), precisely before the points when there is a big marginal push in prevailing prices higher. The fact that he did not do so in the last month confirmed to us at least that the Fed was not going to engage in QE2 on September 21 (which turned out to be the case). Yet it is one thing to speculate based on indirect evidence, and something totally different to hear Mr. Gross on primetime TV essentially validating that he just may have an inside line to the Federal Reserve Board. In all the commotion over yesterday’s FOMC announcement, some may have missed the following line uttered by the Newportbeachian: “What is important going into November is the staff forecast for economic growth for the next 12-18 months. Our understanding is that the Fed is about to downgrade their forecast from 3% down to 2%.” At which point the CNBC anchors conveniently confirm that Mr. Gross just disclosed something which is completely non-public: “We don’t have that forecast yet, right Steve?.. We won’t get that for 3 weeks Erin that’s when it comes out with the minutes of this meeting.” Well, we won’t, but Mr. Gross, who manages $1.2 trillion in debt, almost as much as the entire Federal Reserve, sure seems to already have access to it.”
http://www.zerohedge.com/article/did-bill-gross-just-confirm-live-tv-he-has-advance-look-non-public-fed-data
Bill Gross is my retarded red headed step child I want to bond trade with him toe to toe. I am sure Chifi is also a player and is above my 189% since 2007.
I am getting ready to sell now as I need house money money, an reo the morrisgroupre is selling, anyone every hear of them?
+189.01% 03/31/2007
If JJ is such a playa, why can’t he show to let Chi buy him a beer?
Reggie Middleton’s .22 USD (2 cents, leveraged 11x) in response to the Illinois teachers’ pension fund:
http://www.zerohedge.com/article/illinois-teachers-pension-issues-more-answers-its-media-critics-i-add-my-22-cents-2-cents-le
re # 58 – JJ sighting!
http://i371.photobucket.com/albums/oo156/WheresWaldo2/wheres_waldo.jpg
Come on. The reason the playa won’t ever show is because the gig would be up.
http://tinyurl.com/jj-at-home
32. Family Matters. Keep yours close as possible. That still matters.
45. I want to know more about his plans for education. He has made some interesting strides. Does he plan to stiff the cops and teacher’s pensions? Cause don’t the cops look after his personal safety….
61. I actually see JJ in a pair of leisure slacks. A strand of hair combed over and a golf vest. He has been in the back office now for over 30 years and he has some stories. He knows where the bodies are buried but he never made it to the executive suite.
63
The state police have their own, seperate pension system. Most likely funded by shakedowns and evidence that is lost and then promptly sold.
This one will make you chuckle:
“WASHINGTON (Reuters) – Republicans on Wednesday urged President Barack Obama to pick a more business-friendly successor to economic adviser Larry Summers, a move that would signal a shift to the center.”
http://news.yahoo.com/s/nm/20100922/pl_nm/us_obama_economy_summers
There is somebody more business friendly? Where? They considering aliens from other planets or something???
29 – I like it, but the banking lobby would squash it. Something like that would in effect create a floor/limit for any future deficiency judgment, etc.
From HousingWire:
MacroMarkets survey shows 2.2% drop in housing prices for 2H
While many market participants provided a somewhat rosier outlook for home prices in a new survey, the average of the respondents still projects a 2.2% decline in the second half of the year.
MacroMarkets said data from its September home price expectations survey show market analysts expect a 0.8% drop in home prices the full year with no improvement next year. Previous surveys showed steeper declines.
“For the first time since May when we started conducting this survey, the consensus from our expert panel shows some improvement in the outlook for nationwide home prices in 2010,” said Robert Shiller, MacroMarkets co-founder and chief economist. “These survey results and other recent housing market data are consistent with a scenario of downward-correcting prices in the wake of unsustainable, tax incentive-induced second-quarter performance.”
Gold about to pop through $1300 and Silver is now at $21. Still no sign of all the trash talkers who bashed me in June on my predictions.
ben (69)-
The entire idiot contingent here has been swept away. Carried out on their shields, most likely.
If Mrs. Watanabe is taking a pink bath tonight, she might be joined by bi or pret.
Grapes of Wrath, with wireless internet:
“About 11 p.m. customers start to come in and shop, fill their grocery basket with basic items – baby formula, milk, bread, eggs – and continue to shop and mill about the store until midnight when government electronic benefits cards get activated, and then the checkout starts and occurs. And our sales for those first few hours on the first of the month are substantially and significantly higher.” Wal-Mart CEO
http://www.zerohedge.com/article/wal-marts-ceo-provides-starkest-visual-modern-bread-line-yet
“Real Madrid is broke.
It was broke before completing the two most expensive transfers ever in 2009, bringing in Kaka for $86 million and Cristiano Ronaldo for $123 million. And it was broke when setting the previous transfer records, buying Luis Figo for $57 million in 2000 and Zinedine Zidane for $71 million in 2001.
Real pulled off the Figo and Zidane acquisitions by selling its huge downtown training complex to the city of Madrid for $445 million. The president, Florentino Perez, used the cash to pay down $271 million in club debt and blew the rest on the players. After that, Real dug itself into a financial hole all over again — a hole on which construction has yet to conclude.
Despite generating more than an estimated $500 million a year, which includes a TV deal worth more than $200 million annually, Real Madrid’s debt is $414 million, according to the club’s 2008-09 financial report.
Yet Real’s spending hasn’t stopped. Just this past transfer window, the club spent $114 million on new players and doled out what has been estimated to be around $126 million for buying out one coach and his staff and bringing in another.
Real’s biggest rival is also broke.
Barcelona was broke before buying David Villa, Javier Mascherano and Adriano for $52 million, $28.4 million and $11.6 million, respectively, this summer. The club is so strapped for cash, in fact, that it took out a $195 million bridge loan to ensure that it could pay salaries.
Like Real, Barcelona also has a lucrative broadcasting deal, valued at more than $185 million a year, and brings in $293 million more in revenue. Yet like Real, Barcelona is in debt by $578 million.
But both teams show no signs of curbing their spending.”
http://espn.go.com/sports/soccer/news/_/id/5580467/european-football-eating-itself
Clot, I am not into gold — the round trip costs are high, and it does badly when things like technology are taking off. However, good call by Ben over the last few months.
In the slightly longer term (15-20 years; kid’s college time!), I think SPY and XLK will beat GLD handily.
Sas3
if we follow japan the very possibly not!
Ben
I am in the same camp as you, but I eagerly await the next pull back. Honestly I am a little surprised that TPTB have let Au accelerate like it has.
Now image what the naysayers will be saying at 2000 – 2500/oz
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/03/AR2010090302200.html
The true cost of the Iraq war: $3 trillion and beyond
Ben
another open question. Do we see silver rage well north of 1000 or simply roar it’s way to 75-100
Poltroon
if Spain is anything like Latin America the government will make sure soccer keeps on going less the circus ala bread and circus ends.
Poltroon
ever consider uraguay for plan B???
Re: 73-yet you have been trounced for the last decade, run a chart before you run your mouth. How about the Japanese stocks Wanatabe?
sastry (73)-
Hope your kid enjoys community college.
“In the slightly longer term (15-20 years; kid’s college time!), I think SPY and XLK will beat GLD handily.”
hyde (79)-
Yeah. But, the economy is not nearly as stable as Chile.
Plus, the wife is Jewish, and the Paraguay/Uruguay/old German dude thingy skeeves her out.
Gold and silver related assets are the only safe investment.
79. Hyde,
I just did some research on Uruguay. 1 hour boat ride from Buenos Aires. Problem with those South American countries is that they are politically susceptible to coups and communist dictators. Something I am trying to avoid but Uruguary is worth a look. Average monthly income is 300 US/month. That makes me a pimp if I move there.
Darn, I had “Full Recourse Note for America” in the Office Pool!
GOP’s ‘Pledge to America’ lays out a governing agenda
http://www.cnn.com/2010/POLITICS/09/22/gop.pledge.to.america/index.html?hpt=T1
silly bandzAllow children’s intellectual and mental development to be effective.